The UK government has called for an in-depth review of a planned acquisition by China’s Shanghai Kington Technologies of a Welsh graphene maker on national security grounds.
Kwasi Kwarteng, the United Kingdom’s business secretary, has written to the Competition and Markets Authority (CMA), ordering a so-called Phase 2 investigation of the proposed acquisition of Perpetuus Group by a group led by Shanghai Kington, which researches and develops products based on polyamide fibres. Such investigations can last six to eight months.
“The UK remains firmly open for business. However, we have been clear that foreign investment must not threaten our national security,” Kwarteng said in a statement. “I have considered the evidence presented to me and asked the [CMA] to undertake an in-depth investigation so we can fully consider the implications of this transaction.”
Graphene can be used for a variety of purposes, including strengthening plastics and making aeroplane wings lighter.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Canadian Breadmakers Settle Price-Fixing Lawsuit
Jul 25, 2024 by
CPI
EssilorLuxottica Open to Meta as Shareholder, Says CEO Francesco Milleri
Jul 25, 2024 by
CPI
California Supreme Court Upholds Proposition 22, Securing Independent Contractor Status for Uber and Lyft Drivers
Jul 25, 2024 by
CPI
Paramount Global Investor Sues to Block Skydance Media Merger
Jul 25, 2024 by
CPI
Software Vendors Win Class Action Status in Antitrust Case Against CDK Global
Jul 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Trade & Antitrust
Jul 26, 2024 by
CPI
What is Wrong with the WTO Discipline on Subsidies?
Jul 26, 2024 by
CPI
The Abiding Tension Between Trade Remedy Law and Antitrust
Jul 26, 2024 by
CPI
Trade and Antitrust: An End to Isolationism
Jul 26, 2024 by
CPI
International Trade Law and Domestic Regulation of Generative Artificial Intelligence: Divergent Approaches?
Jul 26, 2024 by
CPI